In response to the recent allegations made by the Securities and Exchange Commission (SEC), leading blockchain platforms Polygon, Solana, and Cardano have issued official statements dismissing the claims and asserting their commitment to regulatory compliance.

Polygon’s Response

Polygon, represented by Polygon Labs, addressed the SEC’s allegations regarding its native asset MATIC. Despite experiencing a decline in value alongside the broader market, Polygon clarified that the MATIC token was an integral part of the Polygon network, which was developed and deployed globally. The organization emphasized its focus on network security and highlighted that MATIC was made available to a wide range of individuals without specifically targeting the United States.

Solana’s Disagreement

Similarly, Solana, a prominent blockchain network, expressed disagreement with the SEC’s characterization of its native asset SOL as an unregistered security. The Solana Foundation, echoing Cardano’s stance, asserted its willingness to collaborate with global regulators to establish clear regulatory frameworks. However, the foundation firmly rejected the notion that SOL should be classified as a security.

Market Impact

Following the SEC’s allegations, both MATIC and SOL experienced significant price drops. MATIC declined by almost 40% in a day, reaching a multi-month low, while SOL also suffered a substantial decrease in value. The responses from Polygon and Solana aim to reassure their communities and investors, highlighting their commitment to regulatory compliance and their belief in the legitimacy of their respective tokens.

Looking Ahead

As the blockchain industry continues to evolve, regulatory compliance remains a critical aspect. Platforms like Polygon, Solana, and Cardano are actively engaging with global regulators to establish transparent and well-defined legislative frameworks. These efforts seek to ensure the legitimacy and long-term success of the projects while fostering a supportive environment for innovation and growth.

The Solana Foundation disagrees with the characterization of SOL as a security. We welcome the continued engagement of policymakers as constructive partners on regulation to achieve legal clarity on these issues for the thousands of entrepreneurs across the U.S. building in the…

— Solana Foundation (@SolanaFndn) June 10, 2023